A widely followed crypto analyst says Bitcoin (BTC) is gearing up for a new vertical as it mirrors past moves in a major stock index.
The pseudonymous analyst known as TechDev tells his 473,000 followers on the social media platform
While most crypto market participants view the BTC price in terms of four-year-based halving cycles, TechDev suggests that Bitcoin could be in the early innings of an eight-year bull run. He shares a chart showing similarities in price increases between Bitcoin and the Nikkei, the Japanese stock index, which has rallied for almost fifteen years starting in 1975.
“This ‘final stage’ may be harder to read than you think.”
According to TechDev, the crypto markets probably will movement enter a ‘mass attention phase’, where prices rise faster than at any other point in the market cycle.
“The current mix of technology and sentiment has prepared the next vertical stage.
If mass attention comes, it will happen quickly.
Just 30 days are responsible for 99% of Bitcoin’s gains over the past 10 years.
It is an ancillary/late arrival tax, and it is steep.”
At the time of writing, Bitcoin is trading at $69,000.
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Credit : dailyhodl.com
